Following its initial public offering, online mortgage lender loanDepot (NYSE:LDI) is out with Q4 earnings. According to a company statement, loanDepot generated record revenue, as well as earnings as top-line numbers, came in at $4.3 billion generating $2 billion of net income. Shares in loanDepot rose in pre-market trading.
loanDepot founder and CEO Anthony Hsieh, stated:
“I’m incredibly proud of and humbled by our record-breaking 2020 performance and thank our team members for their passionate commitment to our customers during an unprecedented year. Customers gravitate to the loanDepot brand because we think and do differently. We are able to efficiently and effectively serve homeowners and future homeowners through our Retail and Partner channels, with the best proprietary data science, AI, machine learning and technology available, which ensures we are serving customers the way they wish to be served through the most important financial transaction of their lives. As we continue our growth trajectory and expand our product and service offerings, we will do so in a way that delivers satisfaction and value for our customers, partners, team members and shareholders for decades to come.”
For the quarter ending on December 31st, loanDepot reported $1.298 billion in revenue and net income of $547 million. This compares to the same period year prior of $415 million and $16 million respectively.
Net income for Q4 of 2020 decreased to $547.2 million as compared to $728.3 million in the prior quarter. Adjusted net income for the fourth quarter of 2020 decreased to $375.7 million as compared to $524.8 million for the third quarter of 2020.
loanDepot said that the quarter-over-quarter decreases were driven by the decline in gain on sale margin and increased expenses from higher loan origination volume.
loanDepot completed its initial public offering last week. The offering was priced significantly lower than anticipated. At one point, expectations were for shares to float at $21/share. loanDepot priced the IPO at $14 a share. Since the public offering, shares in loanDepot have traded as high as almost $40 a share.